Money Laundering: RBI Is Fined EUR 2.7 Million

The punishment is indirectly related to revelations by the Panama Papers.

The penal order is not final.

The FMA accuses the RBI of “inadequate checking of the identity of the beneficial owner and failure to regularly update the necessary documents, data and information required to be able to understand ownership and control structures with regard to high-risk customers in specific individual cases”.

This fine of EUR 2.748 million is the highest fine ever imposed by the FMA.

In a statement to the APA, RBI stated: “RBI is of the opinion that it has fulfilled all legal obligations to prevent money laundering and that these requirements of the FMA are excessive.

RBI will fully challenge the ruling before the Federal Administrative Court (BVG) and, if necessary, before the Administrative